TRAVERSE CITY, Mich., Aug. 8 /PRNewswire-FirstCall/ - Chrysler Financial today announced its automated contract origination process, "eContract," has reached three implementation milestones.
* First U.S. automotive lender to offer both retail and lease electronic origination
* Chrysler Financial has booked more than 1,000 eContracts
* More than 100 Chrysler Group dealers are using eContracts in 11 states
"With the pace of today's business environment and consumer lifestyles, our dealers have asked us for a flexible and customized point-of-sale system," said William F. Jones Jr., Vice President -- Chrysler Financial. "We expect to have 1,000 dealers using eContracting by the end of this year and another 1,000 by the end of 2007."
Several years ago Chrysler Financial began deployment of AutOrigination(R), its contract verification system. This technology now supports nearly 80 percent of Chrysler, Jeep(R) and Dodge dealers and is the pulse of the eContract system.
"The early acceptance of this technology uniquely positions Chrysler Financial as an industry leader in automating the customer contract process, and allows us to take the next step in automating the loan process," said Kelly Mankin, Vice President -- Chrysler Brands Marketing. "Because contract errors are a major source of customer dissatisfaction, we launched AutOrigination to validate all contract data and detail before the electronic contract process begins. Our goal is to completely eliminate contract errors, which will drastically improve customer satisfaction."
Mankin added that while the launch of Chrysler Financial's eContract system is a significant technology milestone, it is one of many initiatives scheduled to arrive in dealerships over the next few years in a first-in-class and industry leading point-of-sale dealership technology strategy.
Additionally, this technology will be applied to all areas of the DaimlerChrysler Financial Services enterprise including Mercedes-Benz Financial in the U.S. and Canada, Chrysler Financial Canada, DaimlerChrysler Truck Financial in the U.S. and Canada and the extended Americas region in the near future.
About Chrysler Financial
Chrysler Financial offers a complete line of world-class automotive financial products and services for both dealers and consumers of Chrysler, Jeep(R) and Dodge vehicles. In addition to offering vehicle wholesale and retail financing, Chrysler Financial provides fleet management and lines of credit to Chrysler Group dealers. As an industry leader in automotive financing, Chrysler Financial provides its customers with the most innovative and efficient methods of doing business. For more information on Chrysler Financial visit http://www.chryslerfinancial.com .